Thursday, 29 Oct 2020

Gati MD steps down, company cancels EGM

European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers’ survey data from euro area and the UK are due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, Germany’s market research group GfK is set to release consumer confidence survey data for October. The forward-looking sentiment index is expected to rise to -1 from -1.8 in September.

At 3.00 am ET, Spain’s INE releases final GDP data for the second quarter. The statistical office is expected to confirm the quarterly contraction of 18.5 percent.

At 3.15 am ET, IHS Markit releases France’s composite PMI data. The composite output index is expected to rise to 51.9 in September from 51.6 in August.

At 3.30 am ET, Germany’s flash PMI data is due. Economists forecast the composite PMI to fall to 54.1 in September from 54.4 in August.

Half an hour later, preliminary Purchasing Managers’ survey results are due from the euro area. The composite output index is seen at 51.7 in September versus 51.9 in August.

At 4.30 am ET, IHS Markit is scheduled to issue UK composite PMI survey data. Economists forecast the composite PMI to drop to 56.3 from 59.1 in August.

At 8.30 am ET, the Czech National Bank is set to announce its interest rate decision.

Gabrielle Union & NBC Reach “Amicable Resolution” Over ‘America’s Got Talent’ Discrimination & Misconduct Claims

Almost a year after Gabrielle Union was fired as a judge from America’s Got Talent after just one season, the LA’s Finest star and NBC have come to a deal over her claims of misconduct and racial discrimination on the show and at the Comcast-owned network.

“We’ve reached an amicable resolution,” said NBC and Union in a concise joint statement this morning. “NBC Entertainment appreciates the important concerns raised by Gabrielle Union and remains committed to ensuring an inclusive and supportive working environment where people of all backgrounds can be treated with respect,” the statement adds.

Though neither party are saying more publicly, Deadline has learned that Union received “significant” compensation from the network, as one source put it. Also, having seen Paul Telegdy exit as NBC Entertainment chairman recently, this is clearly another victory for CAA-repped Union in her battle to shine a spotlight on the BTS workings of AGT and NBC.

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Amazon unit gets ₹1,125-cr. festive boost

U.S.-based e-commerce giant Amazon has infused fresh capital to the tune of ₹1,125 crore into one of its India units, Amazon Seller Services, according to regulatory documents.

The infusion will provide ammunition to Amazon to compete aggressively against Flipkart and JioMart in the festive season. Amazon Corporate Holdings Private Limited, Singapore and Amazon.com Inc. Limited, Mauritius pumped in ₹1,125 crore into Amazon Seller Services, documents sourced by business intelligence platform Tofler showed.

U.S. says 'outraged' by rocket attack in Baghdad

Slideshow ( 5 images )

WASHINGTON (Reuters) – The United States is ‘outraged’ by Monday’s rocket attack in the Iraqi capital Baghdad that killed five civilians, U.S. State Department said on Tuesday, urging Iraqi authorities to take immediate action to hold the perpetrators accountable.

“We have made the point before that the actions of lawless Iran-backed militias remains the single biggest deterrent to stability in Iraq,” Department spokeswoman Morgan Ortagus said in a statement.

‘Credit demand from priority sectors drops’

Falls to 1.9% in June quarter: CARE

Despite efforts by the government to boost credit supply by offering many a scheme to MSMEs and other priority sectors, the same has plunged to a low 1.9% in the June quarter from 10.2% a year ago, says a report.

To help small business tide over the impact of the pandemic, the government has offered credit-driven boost to the economy.

Quoting data from the Reserve Bank’s quarterly statistics on deposits and credit for the June quarter, Care Ratings on Tuesday said in absolute terms, overall bank deposits stood at ₹141.3 lakh crore in June 2020, up 11.5% from ₹126.7 lakh crore in June 2019. Outstanding credit stood at ₹103.3 lakh crore, up 6.4% but lower than 11.7% in the same period in June 2019. But on a sequential basis, credit growth has seen a negative 1.1% during the reporting period, which was also a negative 1% in the March 2020 quarter.

Overall contraction

Though overall contraction in credit demand has continued in the June quarter at minus 1.1% from minus 1% in June 2019, in absolute terms, incremental credit declined by a higher ₹1.2 lakh crore in June 2020 from ₹1 lakh crore in June 2019. This is owing to decline in overall sectoral growth — agriculture and allied credit declined by 0.4% incrementally, industrial credit by 1%, services sector declined by 2.6% growth and personal loan segment declined by 2.5% growth, says the report.

Gati MD steps down, company cancels EGM

Allcargo wanted to seek his removal

Gati managing director Mahendra Kumar Agarwal has stepped down from the position of director, MD and key managerial personnel, according to the express logistics and supply chain solutions firm.

His resignation, effective September 28, came ahead of an extraordinary general meeting (EGM) called at the request of Allcargo Logistics for his removal as director and MD. Allcargo holds almost 47% stake in the Hyderabad-based company.

His resignation follows the share purchase agreement entered into by Mr. Agarwal and two other promoter group members with Allcargo Logistics in December, Gati informed stock exchanges on Monday evening. The EGM for the removal of Mr. Agarwal as director and MD, scheduled for September 30, “has become infructuous” and the board decided to cancel it, the firm said. In July, announcing the appointment of Allcargo CMD Shashi Kiran Shetty as Gati chairman, a release said Allcargo had acquired 46.83% in Gati for ₹416 crore in April. On Tuesday, Gati shares rose 14.7% to ₹56.90 apiece.

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